Bitcoin went bonkers in 2017 - here's what went down as the cryptocurrency surged more than 1000%

Frank ChaparroDec 30, 2017, 07.37 PM

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Markets Insider

Bitcoin, the red-hot cryptocurrency, had a wild run in 2017.

Here's a look back at some of the significant events that drove big price swings in the market known for extreme volatility.

To say bitcoin had a wild 2017 would be an understatement. The digital currency, which started the year under $1,000, has skyrocketed by more than 1,300% to more than $14,500 by December 29 - a rise that's grabbed the attention of Wall Street.

That climb was marked by extreme volatility, multiple splits in its network, and naysayers who derided it as a fraud and toy for criminals.

Yet, as we enter the new year it appears the digital currency will continue to mature as a recognized asset class on Wall Street. Already bitcoin futures have begun to trade on major markets - allowing investors to bet on its price without holding the coin itself. As for its future price, some bulls see it going higher than $20,000 in 2018.

Ultimately, investors shrugged off the split and bitcoin marched higher close to $5,000 a coin.

September 4. China bans ICOs. Bitcoin came crashing down after China banned initial coin offerings on September 4. The fundraising method is a twist on the initial public offering process and has helped companies raise over $4 billion by offering their own tokens, according to some estimates.

Bitcoin skyrocketed from around $10,000 a coin when the news broke to a high just below $20,000 on December 18. It has since corrected and is trading around $15,000. As for the future price of the coin, Fundstrat's Tom Lee raised his price target for bitcoin in mid-2018 from $11,500 to $20,000.